The maximum daily production of oil in Angola has been set at 1.673 million barrels, Angolan state oil company Sonangol, said in a statement released on Friday in Luanda.
This decision follows the agreement reached between the member countries of the Organization of Petroleum Exporting Countries (OPEC) on 30 November, 2016 to reduce oil production from 33.7 million to 32.5 million barrels per day.
The statement from Sonangol said the agreement aims to increase the price of oil on international markets, which since mid-2014 has suffered a significant drop.
The cut in daily production for Angola, which came into effect on 1 January, 2017, is 78,000 barrels below the OPEC benchmark value of 1.751 million barrels per day.
Sonangol reported it had also formally instructed the various operators in Angola on the monthly concession production limits, based on current the production potential of each and scheduled interventions at them. (macauhub)